Company News

BUZZ-Australia's Ruralco Holdings sees worst day in over 11 months as ACCC examines takeover

** Shares of Ruralco Holdings Ltd fall as much as 5.4% to A$4.05, their lowest since Feb. 25

** Australia’s competition regulator said on Thursday it was examining whether a proposed takeover of Ruralco Holdings by Nutrien Ltd’s unit could reduce wholesale competition and lead to discrimination against some independent retail stores

** The Australian Competition and Consumer Commission (ACCC) said it would also examine what impact the loss of a major national retail competitor might have on prices and product range, including private label brands, and other areas of competition

** The rural services firm said ACCC has indicated that it expects to announce its final decision in respect of deal on August 15, 2019

** Stock posts its biggest intraday percentage fall since July 11, 2018; it is on track for its fourth straight day of losses

** Stock has risen 40.3% this year, as of last close